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How do I benefit from life insurance?

 

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Some may absolutely need life insurance, and for some others it may not be worth the money. Take a look at some plots, to find out who does and doesn’t need life insurance. Say that you are a single living by yourself in a condo. Should you get or have life insurance? It would not be recommended, because who would be your beneficiary? Remember that life insurance is to cover your income for people who depend on it to live.

 

If there is no one who is depends on your income to live, then it would not be recommended to have. The main reason you would buy life insurance is in case of the unthinkable were to happen. If it did, then you would know that your family or beneficiary will be financially O.K. If you have life insurance and you die young you could make it a lot easier on your beneficiary. Maybe, you just want a policy to cover your funeral expenses in the event of death. In that case, you could get a policy to cover just the funeral costs, and nothing more.

 

Say that you are single living by yourself in a house with a $125,000 mortgage. Should you have life insurance? It is semi recommended, because if the unthinkable were to happen, you do not want you family or beneficiary left with your estate. Take for example, if you were to die in a auto accident, your family or beneficiary inherits your house. They want to sell the house, but it’s on the real estate market for three years before it sells.

 

Throughout the waiting time, they have to make payments on the mortgage, and that could be very hard to do. In that case, you might want to buy a policy mainly to cover expected payments. For example, you can get a policy to cover payments for three years, or your entire mortgage payments.

 

Say you are a married living in a house or an apartment. Should you have life insurance? If your husband or wife doesn’t work and they need your income to survive, then it is highly recommended. If your husband or wife does work but couldn’t live his or her normal lifestyle should you die, then it would be recommended to have a life insurance policy. Living with life insurance is a very nice token if you were to die, but it is not required.

 

Take for example, you have kids and you supply income they need to survive. Then you should absolutely have life insurance, unless of course you are wealthy enough to self insure yourself. You will need enough policy coverage for your spouse and or children to live the life they are currently used to, in the event your income is no longer available.

 

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